Northern Trust Corp Sells 94,958 Shares of Freshworks Inc. $FRSH

Key Points

• Northern Trust Corp reduced its stake in Freshworks Inc. by 4.7% in the first quarter, owning approximately 1.94 million shares valued at $27.44 million by the end of the reporting period.
• Institutional investors hold 75.58% of Freshworks, with several notable increases in ownership, including a 664.0% boost from Tower Research Capital LLC during the fourth quarter.
• Freshworks reported $0.18 EPS for the last quarter, exceeding estimates and reflecting a 19.6% year-over-year revenue growth, with guidance set for future earnings progression.

Northern Trust Corp cut its holdings in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 4.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,944,500 shares of the company's stock after selling 94,958 shares during the period. Northern Trust Corp owned 0.66% of Freshworks worth $27,437,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. FNY Investment Advisers LLC purchased a new position in shares of Freshworks during the first quarter worth approximately $70,000. DekaBank Deutsche Girozentrale lifted its stake in shares of Freshworks by 91.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company's stock worth $84,000 after acquiring an additional 2,814 shares during the period. Liberty Mutual Group Asset Management Inc. purchased a new stake in shares of Freshworks in the first quarter valued at about $106,000. US Bancorp DE boosted its holdings in shares of Freshworks by 671.4% in the first quarter. US Bancorp DE now owns 8,331 shares of the company's stock valued at $118,000 after acquiring an additional 7,251 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Freshworks by 2,639.5% in the first quarter. GAMMA Investing LLC now owns 9,369 shares of the company's stock valued at $132,000 after acquiring an additional 9,027 shares in the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Freshworks

In other news, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $13.14, for a total transaction of $110,809.62. Following the transaction, the director directly owned 38,870 shares of the company's stock, valued at approximately $510,751.80. This trade represents a 17.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Barry L. Padgett sold 7,558 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $15.14, for a total transaction of $114,428.12. Following the completion of the sale, the director directly owned 32,635 shares of the company's stock, valued at approximately $494,093.90. This represents a 18.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 208,654 shares of company stock valued at $3,195,828 over the last three months. 11.17% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FRSH. Wall Street Zen downgraded shares of Freshworks from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 23rd. Piper Sandler boosted their target price on shares of Freshworks from $22.00 to $25.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Finally, Cantor Fitzgerald upgraded shares of Freshworks to an "overweight" rating and set a $20.00 target price on the stock in a research report on Tuesday, June 3rd. Eight analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.29.

Freshworks Stock Performance

FRSH traded down $0.15 on Thursday, reaching $12.95. 1,124,863 shares of the company's stock were exchanged, compared to its average volume of 3,727,500. The company has a market cap of $3.77 billion, a price-to-earnings ratio of -72.02 and a beta of 0.94. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The company's 50 day moving average is $13.87 and its 200-day moving average is $14.53.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.06. The firm had revenue of $204.68 million during the quarter, compared to analysts' expectations of $198.85 million. Freshworks had a negative return on equity of 2.56% and a negative net margin of 7.02%.Freshworks's quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.08 EPS. Freshworks has set its FY 2025 guidance at 0.560-0.580 EPS. Q3 2025 guidance at 0.120-0.140 EPS. Sell-side analysts forecast that Freshworks Inc. will post -0.19 EPS for the current year.

Freshworks Company Profile

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.